Challenger Energy completes award process for AREA OFF-3 license in Uruguay

Challenger Energy has completed the formal award process for its AREA OFF-3 license offshore Uruguay, first awarded last June under the Open Uruguay Round process.

Sign-off followed confirmation of final regulatory approvals. The first exploration period will run for four years from June 7, 2024, through June 6, 2028.

AREA OFF-3 covers 13,252 sq km in water depths from 20 m to 1,000 m, about 100 km from the Uruguayan coast. It has existing 2D and 3D seismic coverage, with two previously identified prospects potentially holding up to ~2 Bbbl of oil and up to ~9 Tcf of gas, according to Challenger.

Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.

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